SCA shakes up UAE bond and sukuk market rules | The National:
"The Securities and Commodity Authority (SCA) has introduced rules aimed at modernising the country’s corporate bond and sukuk markets.
This forms part of a move to increase Dubai’s stature as a hub for Islamic finance.
The regulator’s new rules set a minimum value on issued sukuk of Dh10 million.
This represents a change from the 2005 law, which required issuers to post at least Dh50 million in debt securities, including Islamic bonds, to be eligible to list on an exchange in the UAE.
The new rules increase exchanges’ flexibility with regards to over-the-counter trading. Previously, firms involved in a trade had to notify the SCA of its terms within two days or the trade would be invalidated. This requirement has been dropped – the SCA now allows exchanges to set their own deadlines for the disclosure of this information."
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